The Globe and Mail reports in its Friday, May 16, edition that National Bank Financial analyst Rupert Merer downgraded his rating for Nanoxplore to "sector perform" from "outperform" following the late Tuesday release of its third quarter results. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer gave his share target a 20-cent trim to $2.80. Analysts on average target the shares at $3.86. Mr. Merer says in a note: "Nanoxplore reported mixed Q3'25 results, with economic uncertainty in North American markets connected with recent tariff threats from the U.S. Roughly 70 per cent of Nanoxplore's sales are tied to the transportation sector and concentrated with some large customers. However, with cost control and the benefit of grants and refundable tax credits (reported in other income), its earnings beat." The graphene company posted quarterly revenue of $30.4-million, down 10 per cent year-over-year and falling short of the $35.3-million estimate of both Mr. Merer and the Street, which he attributed to "with order delays and push-outs for its transportation customers (roughly 70 per cent of Nanoxplore's market) with economic uncertainty impacting its large commercial vehicle customers."